Cabinet passes draft amendments to Money Laundering Control Act

  • Date: 2018-09-13
  • Source: Department of Information Services, Executive Yuan

At its weekly meeting Thursday, the Cabinet passed draft amendments to the Money Laundering Control Act to strengthen internal audits and controls within various industries while creating a more comprehensive anti-money laundering regime for Taiwan.

Premier Lai Ching-te said the amendments will also prepare the nation for the third round of mutual evaluations by the Asia/Pacific Group on Money Laundering this November, which represents the best opportunity for Taiwan to demonstrate adherence to international anti-money laundering standards. Passing the evaluations will require continued efforts on multiple fronts, but will provide a significant boost for local firms that have international business dealings. 

The amendments, drafted by the Ministry of Justice, will be forwarded to the Legislature for deliberation.